Kenya Third Biggest Borrower in Africa with Over 1 Trillion Debt to China.

By Virginia Mwangi / September 13, 2018

Kenya’s relationship with China seems to blossom given that its loans are now past a Trillion making it the 3rd biggest borrower, from China, in Africa.

President Uhuru’s trip to Beijing brought us more loans. We are now at number 3 most loaned countries in Africa. Kenya is likely to lead Africa in carrying most of the Chinese loans given our Government’s debt appetite with a 200 billion shillings deal with Chinese leader Xi Jinping awaiting sign off upon our President’s request for China to finance the Naivasha-Malaba railway line.

The borrowing appetite continues to frustrate Kenyans who are paying through the nose with hefty taxes being imposed on them despite their uproar.

China has a tight grip on Africa, Kenya not being an exception, after signing in favor of more than 20 trillion dollar loans to develop Africa’s infrastructure without prioritizing African’s most urgent needs.

China has factored in its large population, being the largest populous country, and is working hard to secure its citizen’s jobs hence the loans to Africa, which is borrowing beyond its capabilities and is too corrupt to ensure wise investments.

China has eyed Africa as a destination for its large population for the last one decade and it’s now reaping big through taking control of strategic national assets.

For its current loans from China, Kenya will have to pay 122 billion shillings in interest by the year 2021 that is three years from now, this is without including the loan itself!

China has undoubtedly seen our greed and will not mind trapping our countries in debts to benefit its nationals.

Despite China, which is the second largest economy, noting that Africa is poor and needs better infrastructure, it barely gives any donations or grants with the US still being the largest donor to Africa.

Soko directory was formed in 2008 by Hidalgo Investments Ltd. Hidalgo Investments is an investment company with diverse interests in the fields of finance, government tenders, business consultancy and corporate image consultancy and legal research, and was incorporated in 2008 under the Laws of Kenya, Cap 486.